Monday February 12, 2024

• Corn and soybeans are increasing from lows this morning but remain near multi-year lows. 
• As Ukrainian spring grain planting begins Ag Min reported acreages remain even with last year.
• AgRural raised their 2024/2024 Brazilian second crop corn production estimate from 86.3 to 91.2mmt this morning, due to an increase in acres. Planted acres at 40.4 million acres still to be 5% below last year’s figure. 
• Russia’s Sovecan reported February’s estimated grain exports will be 3.7mmt down from January’s 4.6 mmt, wheat representing an estimate of 3.0mmt in February down from 3.6mmt in January. 
• Rains fell over the weekend in Argentina and to continue into tomorrow. Drier weather in the forecast with temperatures trending cooler. 
• Brazil had a nice rainfall over the weekend and forecasts predict chances of rain throughout the week and looking forward at the 6-10 day outlook. 
• Argentina Crop Conditions
  • Corn: 31% rated G/E, up from last year’s 20%.
  • Soybeans: 31% rated G/E, up from 13% last year